First Mercantile Trust Co. lowered its stake in shares of Zions Bancorporation (NASDAQ:ZION) by 8.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 8,990 shares of the bank’s stock after selling 840 shares during the period. First Mercantile Trust Co.’s holdings in Zions Bancorporation were worth $395,000 as of its most recent filing with the SEC.
A number of other institutional investors have also bought and sold shares of ZION. DekaBank Deutsche Girozentrale acquired a new position in Zions Bancorporation during the second quarter valued at $731,000. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its position in Zions Bancorporation by 92.8% in the second quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 82,368 shares of the bank’s stock valued at $3,617,000 after buying an additional 39,647 shares during the period. Schwab Charles Investment Management Inc. increased its position in Zions Bancorporation by 6.5% in the second quarter. Schwab Charles Investment Management Inc. now owns 1,074,701 shares of the bank’s stock valued at $47,191,000 after buying an additional 65,312 shares during the period. Global X Management Co. LLC increased its position in Zions Bancorporation by 58.6% in the second quarter. Global X Management Co. LLC now owns 4,792 shares of the bank’s stock valued at $210,000 after buying an additional 1,771 shares during the period. Finally, BP PLC acquired a new position in Zions Bancorporation during the second quarter valued at $1,054,000. Hedge funds and other institutional investors own 95.13% of the company’s stock.
Zions Bancorporation (NASDAQ:ZION) opened at 45.12 on Thursday. The firm has a market capitalization of $9.12 billion, a PE ratio of 17.96 and a beta of 1.44. The firm’s 50-day moving average is $44.76 and its 200-day moving average is $42.80. Zions Bancorporation has a 12 month low of $28.29 and a 12 month high of $48.33.
Zions Bancorporation (NASDAQ:ZION) last announced its earnings results on Tuesday, July 25th. The bank reported $0.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.62 by $0.11. The firm had revenue of $660 million during the quarter, compared to analysts’ expectations of $640.34 million. Zions Bancorporation had a return on equity of 8.14% and a net margin of 21.97%. During the same quarter in the prior year, the business earned $0.44 earnings per share. On average, equities research analysts expect that Zions Bancorporation will post $2.82 EPS for the current year.
Zions Bancorporation announced that its board has authorized a stock repurchase plan on Wednesday, June 28th that allows the company to repurchase $465.00 million in shares. This repurchase authorization allows the bank to repurchase up to 5.3% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s management believes its shares are undervalued.
The business also recently announced a quarterly dividend, which will be paid on Thursday, August 24th. Shareholders of record on Thursday, August 17th will be given a dividend of $0.12 per share. The ex-dividend date of this dividend is Tuesday, August 15th. This represents a $0.48 dividend on an annualized basis and a yield of 1.06%. This is a boost from Zions Bancorporation’s previous quarterly dividend of $0.08. Zions Bancorporation’s dividend payout ratio is presently 19.12%.
Several equities analysts have weighed in on the stock. Bank of America Corporation upgraded shares of Zions Bancorporation from a “neutral” rating to a “buy” rating and raised their target price for the company from $50.00 to $52.00 in a report on Wednesday. Wells Fargo & Company assumed coverage on shares of Zions Bancorporation in a report on Wednesday, August 9th. They set an “outperform” rating and a $56.00 target price for the company. Robert W. Baird downgraded shares of Zions Bancorporation from a “neutral” rating to an “underperform” rating and dropped their target price for the company from $46.12 to $43.00 in a report on Monday, August 7th. BMO Capital Markets restated a “hold” rating and set a $47.00 target price on shares of Zions Bancorporation in a report on Thursday, July 27th. Finally, FIG Partners restated an “outperform” rating and set a $54.00 target price (up from $50.00) on shares of Zions Bancorporation in a report on Wednesday, July 26th. Two research analysts have rated the stock with a sell rating, twelve have issued a hold rating and thirteen have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $44.33.
In other Zions Bancorporation news, insider Dianne R. James sold 1,585 shares of the company’s stock in a transaction that occurred on Tuesday, August 15th. The stock was sold at an average price of $45.22, for a total transaction of $71,673.70. Following the completion of the sale, the insider now owns 21,866 shares of the company’s stock, valued at $988,780.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider David E. Blackford sold 1,242 shares of the company’s stock in a transaction that occurred on Tuesday, May 23rd. The stock was sold at an average price of $40.73, for a total value of $50,586.66. Following the sale, the insider now directly owns 28,696 shares of the company’s stock, valued at approximately $1,168,788.08. The disclosure for this sale can be found here. Insiders have sold 40,422 shares of company stock valued at $1,746,332 in the last ninety days. Company insiders own 1.46% of the company’s stock.
About Zions Bancorporation
Zions Bancorporation is a financial holding company. The Company conducts its banking operations through separately managed and branded segments, including Zions Bank, Amegy Bank, California Bank & Trust, National Bank of Arizona, Nevada State Bank (NSB), Vectra Bank Colorado, The Commerce Bank of Washington (TCBW) and Other.
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